Top angel clubs and investment networks in Macedonia

As of 2025, North Macedonia has a growing startup ecosystem with over 500 startups, 73 of which have collectively raised $57.7M in venture funding. The ecosystem is primarily driven by strong personal networks and founder-led collaboration, with a lesser reliance on formal programs. In this context, angel investors and early-stage supporters are becoming an increasingly important part of the funding landscape. 

In this article, we provide an overview of the most active angel groups and investors in North Macedonia, including the types of startups they support, their engagement strategies with founders, and key points of contact for those looking to connect with these networks.

1. CEED

‍The CEED Macedonia Business Angels Club was founded in November 2013, becoming one of the pioneers in the business angel community in Macedonia. It was created to bring together experienced entrepreneurs, business professionals, and investors who are passionate about supporting early-stage startups and helping them grow. By providing not only funding but also valuable mentorship and connections, the club plays a key role in boosting the local startup ecosystem.

In January 2016, the club took a big step forward by becoming an official member of the European Business Angel Network (EBAN). This membership connected CEED Macedonia Business Angels Club to a wider European network of investors, opening new opportunities for collaboration, knowledge sharing, and cross-border investments.

2. Opus Invest

Opus Invest is an investment and development company with over 30 years of experience in North Macedonia and the broader region. 

Founded in 1989 in Skopje with a focus on telecommunications, the company has since grown into a diversified business group operating across multiple sectors, including fintech, software development, construction, architectural planning, and commercial real estate. 

3. Zephyr Angels 

Zephyr Angels is a network of business angels that supports new entrepreneurs and helps accelerate the growth of North Macedonia’s startup ecosystem. Zephyr Angels focuses primarily on pre-seed and seed-stage investments, typically ranging from €20,000 to €60,000. In addition to capital, members actively support startups by sharing their expertise and networks, helping founders build sustainable and scalable businesses.

Zephyr Angels conducts thorough due diligence on investment opportunities and provides comprehensive investment memos. The network primarily uses equity-based investment models, but also considers convertible notes or SAFE agreements. Co-investment is encouraged, especially alongside venture capital funds or external investors. Startups applying for funding are expected to have a minimum viable product (MVP), initial market traction, and product-market fit.

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This article is part of a series that presents the top angel networks across Europe, including countries such as Germany, Austria, Switzerland, and Romania. Stay tuned as we continue to cover more European countries!